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Nucor shareholders nix push by fund for full disclosure

Keywords: Tags  Nucor Corp., Green Century Capital Management, mutual fund, shareholder vote, lobbying efforts, transparency, Lucia Van Reusner, Proposal 7 Corinna Petry

CHICAGO — A majority of Nucor Corp. shareholders defeated a proposal by a Boston-based family of mutual funds to have the steelmaker provide more transparency into its lobbying efforts.

Green Century Capital Management shareholder advocate Lucia von Reusner, speaking at Nucor’s May 9 annual meeting, said Proposal 7 reflects her group’s strong interest in full disclosure.

"Nucor does not disclose its trade association memberships, nor payments and the portions used for lobbying. Absent a system of accountability, company assets could be used for objectives contrary to Nucor’s long-term interests," Von Reusner alleged.

In the proxy statement, Nucor’s board of directors urged shareholders to vote against Proposal 7. The Charlotte, N.C.-based company acknowledged it is actively engaged in the public policy decision-making process, but argued that "transparency of the kind sought by (Green Century) risks handicapping Nucor’s ability to influence and inform public debate for the long-term benefit of our stockholders."

Nucor couldn’t be reached for further comment.

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